Response rate
Most solutions for gathering product reviews and customer insight are pretty similar. The big difference is how good they are at making customers leave feedback. That’s what we call response rate.
What’s a response rate?
The number of responses divided by the number of invitations sent = the response rate.
Response rates will be different depending on type of invitations – higher for Product Reviews, since we are sending out 2 invitations. Lower for Service Reviews and Store Reviews, since only 1 invitation is sent. They will also differ depending on the type of your business and industry your business belongs to.
Why is it important to have a high response rate for product reviews?
It’s usually quite simple to get many reviews on the best-selling products. The challenge is to get a substantial volume of reviews on other products. Our experience is just having a handful of reviews isn’t very helpful — it can negatively affect the conversion rate. A product should have at least 10 ratings for the reviews to be trustworthy and help increase the conversion rate. However, that doesn’t mean that there’s any need to limit oneself. Some of our clients have several thousand reviews for a single product, which gives them a great competitive advantage.
Is it important with a high response rate when measuring customer satisfaction?
Lipscore is known for its solution to gather product reviews. In addition, you can use our solution to measure the overall customer satisfaction with service reviews. Display the data as a badge or similar in your online store, so visitors can see how previous customers rate their shopping experience. You don’t necessarily need a high response rate to show this badge, as long as the feedback is credible.
For a company that puts the customer first, it’s important to gather as much insight as possible about each customer. A higher response rate means you’ll get to know more about the customers and take action if a customer had a bad experience.
What is a good response rate?
Our concern is to make as many customers as possible give feedback. We don’t know of any other solution in the world that can beat our response rate. Companies that follow our guidelines have an average response rate of 23% for ratings and 7.5% for reviews.
We looked at the marketing material for four of the most important actors in the Nordic market. When we compare them to Lipscore, it’s obvious that there are huge differences. None of their response rates can beat Lipscore’s that averages around 23%.
- Company A: Big American company. Listed on NASDAQ earlier. 4.3% response rate from its 25& best customers.
- Company B: Big Israeli-American company. Says that their clients usually have a 6 to 11% response rate.
- Company C: Swedish company. Says that they have an average response rate of 6,8%.
- Company D: Big Danish company. Doesn’t share their recent numbers, but they claimed to have a response rate of 11% in a blog posted in 2018.
Using these numbers as a starting point means you can expect between 2 and 4 times more feedback by choosing Lipscore. In reality, the difference is more significant for many clients.
Pricing for solutions to gather ratings and reviews doesn’t vary much between different companies. We don’t regard free solutions because they rarely have a great effect. The big price difference becomes more apparent when studying how many reviews you get for the price.
Of course, there are other factors to consider, like the functionality, conditions and customer service for each solution. Consider what is important for your company.
What is the secret behind Lipscore’s high response rate?
Our developers and UX experts have worked for years to improve the customer experience and make it easy to leave a rating and review.
The only thing a customer needs to do is click on a star rating in the email they get after completing a purchase. They are automatically logged in to the system, so there’s no need for extra login. They can add a review to the rating if they want to — that’s completely voluntary.
What’s the connection between response rate and data analytics?
Companies with a high response rate on their products, brand or physical stores get a bigger and more representative data set. A big data set makes it possible to do advanced data analytics. Use the data to optimize your product portfolio, like keeping and promoting the most popular products, and remove the products customers don’t like. Test to see if your customer likes certain products before stocking up. You can also use this information to negotiate with suppliers. For example, if your customers prefer one brand over similar products of another brand. The possibilities are endless!
At Lipscore, we GUARANTEE we’ll increase your response rate, or you don’t pay!
The guarantee requires that you have a solution for collecting ratings & reviews today, where you can measure the response rate. You get your money back if your response rate does NOT increase with Lipscore, and you therefore choose to end your Lipscore subscription within 3 months.
Let’s help your business get 2-4 times more ratings and 100% real, verified and legal reviews!
No other solution on the market gives you more ratings and reviews than Lipscore, or can guarantee that all reviews are 100% real, written by real customers, in their own words, unedited and verified by their identity.
Why choose Lipscore?
- The market’s best responsrate
- 100% Real, Verified and Legal Reviews
- Get insight that help increase sales and revenue
- Spot and deal with unhappy customers
- Advanced functionality
We GUARANTEE we’ll increase your response rate, or you don’t pay!